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Retention rates are rising at magic circle firms
12th September 2016
This year, retention rates have increased at magic circle firms compared to 2015 with at least eight in 10 trainees being kept on this autumn.
Legal firm Freshfields Bruckhaus Deringer leads the way when it came to offering trainee legal jobs as the firm posted a 95% retention rate, offering 40 out of 42 trainees contracts to work at the firm permanently.
An article on the Law Society Gazette also reveals that fellow magic circle firms Clifford Chance and Linklaters retained most of their trainee staff. Clifford Chance retained 82% this year, whilst Linklaters offered all 56 of its trainees jobs, compared to offering 46 of its 55 trainees last year.
Fellow law firm Allen & Overy posted an 86% retention rate after 39 people applied for a role at the firm; 38 job offers were made and 36 of applicants accepted their job offers.
Hogan Lovells, the international law firm, reported that it has an 80% retention rate for this year. Of the 30 trainees, 29 applied for a position at the business and 25 of these trainees were successful in being offered a position at the firm. 24 accepted a contract.
Professional services business RPC also revealed that it has kept 70% of its trainees by offering 14 out of 20 a position within the company. Legal firm Slaughter and May has not revealed its figures.
Magic Circle firms pleased with retention rates
Speaking to the Law Society Gazette, the training principal at Linklaters, Nick Rumsby, said, “We are very pleased to announce such an impressive retention rate for our September qualification round. We are again fortunate to have a large group of talented junior lawyers qualifying with us—retaining 91% of the cohort is excellent news for Linklaters.”
Allen & Overy partner and training principal, James Partridge, was also very pleased with the retention figures.
He added, “The retention rate is pleasing and in line with what we would expect.”
Image Credit: Nejron Photo